09 Week Sem 2 Economics U3 E26-28 Quiz

Market power is a firm's ability to . . . . . the price of a product

• Competition

• Influence

• Demand

• Barriers to Entry

A monopoly sets prices based on . . .

• Competition

• Influence

• Demand

• Barriers to Entry

What’s one way Monopolies stay powerful?

• Competition

• Influence

• Demand

• Barriers to Entry

Firms invest in . . . . . to improve products and efficiency.

• R & D

• Branding

• Non-Price Competition

• Higher Wages

What is one way worker training matters

• R & D

• Branding

• Non-Price Competition

• Higher Wages

Firms with market power set prices and . . . . . output.

• Skill

• Experience

• Restrict

• Job Demand

What Determines Worker Earnings?

• Collusion

• Experience

• Price Competition

• Pharmaceuticals

Which doesn’t affect workers’ wages?

• Skills

• Job Demand

• Economic conditions

• Tariffs

What often brings job security & benefits?

• Litigation

• Income Legislation

• Seniority

• Protection rackets

These negotiate higher wages & benefits

• Unions

• Job Coaches

• Gender gaps

• Experience